LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Intelligent Finance

Common questions relating to Intelligent Finance transfer of equity

  • Am I best advised cancel my mortgage payments with Intelligent Finance once a date for my remortgage and transfer of equity has been agreed?
  • I purchased a flat with a friend in 2009 Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Intelligent Finance mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • I am planning on removing a name from a joint mortgage and the Intelligent Finance need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Timperley conveyancing solicitor to deal with the transfer of equity? They need to be on the Intelligent Finance conveyancing panel.
  • I am considering mortgaging my apartment in Sedgefield does my lawyer need to be on the Intelligent Finance Solicitor panel. The conveyancing also involves a transfer of equity.
  • Will I incur any charges for a Transfer of Equity where the current mortgage is with Intelligent Finance?
  • Intelligent Finance have just agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but is this a transfer of ownership of the house on top?
  • I recently purchased a flat without my fiance’s name on the title documents. My conveyancer said it is because she is not in the mortgage with Intelligent Finance. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?

Sample of questions in a lawyer questionnaire concerning a Intelligent Finance Transfer of Equity

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Can you provide the name(s) and addresse(s) of those who jointly own the property with you?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Is it the case that one of the registered proprietors died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Important warnings to consider in supporting the above Intelligent Finance transfer of equity Advice :

Tax and Legal

There may be various tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Intelligent Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your conveyancing solicitor will check with Intelligent Finance This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects lenders such as Intelligent Finance or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy is dependent on the valuation of the property at the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Intelligent Finance.

Preparing the Transfer of Equity with a Intelligent Finance Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Intelligent Finance is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’

On form AP1, your conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on this webpage is for general information and only applies to England and Wales. It should not be regarded as advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.


Frequently asked questions relating to Intelligent Finance transfer of equity